Jay-Z's Got 99 Problems And This SEC Subpoena Might Be One

Recording artists Jay-Z ad Beyonce look on during Game One of the Western Conference Semifinals between the New Orleans Pelicans and the Golden State Warriors at ORACLE Arena

Jay-Z is slated to rap next week - with a federal judge. At the time of the deal, Jay-Z and Iconix said they would form a separate joint venture that would identify new brands to acquire.

The Securities Exchange Commission (SEC) filed an action in Manhattan federal court against hip hop mogul Jay-Z (real name Shawn Carter). The SEC initially issued a subpoena for Carter's testimony on November 16, 2017.

Two years ago, Iconix wrote down $169 million of Rocawear and this year it wrote down another $34 million, according to SEC filings. It said it's investigating in case national regulations were violated while the company reported benefits, including approximately its Rocawear-related belongings Iconix to learn.

Jay-Z has wide-ranging business affairs, stretching from Tidal (a streaming service that has issued equity to other artists) to sports management to brand endeavors, but the SEC is interested in his relationship with Iconix Brand Group, a public apparel company. "Mr. Carter is a private citizen who should not be involved in this matter", the statement said.

The investigation into whether partnerships like the Rocawear purchase "should potentially have been consolidated in the company's historical results" began in late 2015.

In a statement issued through Jay-Z's attorneys, a representative said he was outside the scope of the SEC inquiry. If Carter does not comply with the subpoena, he may be held in contempt, according to the order. He was later send a second subpoena and failed to appear and declined to provide dates for investigative testimony.

Simply asserting he does not have relevant information will likely not be enough for Carter to be allowed to ignore the subpoena, Chase said.

The company, whose retail brands include Joe Boxer and Candie's, did not immediately respond to requests for comment.

Iconix shares were down 6.7 percent at 59 cents in early afternoon trades Thursday.

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